Retailers are hoping for a big Black Friday this year, especially with fewer days between Thanksgiving and Christmas. To get it, they might need some help from Millennials.
Why? A new study from Discover says that Millennials are expected to spend more than any other generation this holiday season.
According to the Discover study, 35 percent of Millennials plan to spend more this holiday season than they did last year. The study also found that 39 percent of Millennials spend to spend $750 or more on holiday shopping.
Compare that with other generations. Discover said that 33 percent of Gen Xers and 35 percent of Baby Boomers plan to spend $750 or more. And the youngest shoppers? Discover found that 38 percent of Gen Z members plan to spend $50 or less on their holiday shopping.
Discover found that many of these holiday shoppers plan to use their credit cards to make purchases this season. This brings up the fear of identity theft and fraud, something that might cause members of all generations to spend less this season.
Discover found that 57 percent of Millennials were either very or moderately concerned about identity theft and fruad during the holday season, while 56 percent of Gen X consumers and 53 percent of Baby Boomers said the same thing.
